International Journal of Trend in Scientific Research and Development (IJTSRD)

Volume 6 Issue 2, January-February 2022 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470

Human Resources Accounting and Shareholders’

Wealth of Deposit Money Banks in Nigeria
Afolalu Anthony Buyide1, Ezeala George2
1
Bursary Department, The Federal Polytechnic, Ado-Ekiti, Nigeria
2
Department of Accountancy, Nnamdi Azikiwe University, Awka, Nigeria

ABSTRACT How to cite this paper: Afolalu Anthony

The study examined relationship between human resources Buyide | Ezeala George "Human
accounting and shareholders’ wealth of Deposit Money Banks in Resources Accounting and
Nigeria. The data were collected from annual reports of the sixteen Shareholders’ Wealth of Deposit Money
Deposit Money Banks listed on the Nigerian Stock Exchange for Banks in Nigeria"
period twelve years from 2006 to 2017.The study employed static Published in
panel data (Random Effect Model) to analyse the relationship International
between human resource accounting and shareholders ‘wealth of Journal of Trend in
Money Deposit Banks in Nigeria .Return on assets (ROE) was used Scientific Research
as proxy of shareholders ‘wealth while directors remuneration, and Development
salaries and wages, pension cost and training costs were used as the (ijtsrd), ISSN: 2456- IJTSRD49456
6470, Volume-6 |
proxies of human resources accounting. The random effect result Issue-2, February
shows that all the variables have insignificant positive relationship 2022, pp.1443-1450, URL:
with return to equity except pension that has insignificant negative www.ijtsrd.com/papers/ijtsrd49456.pdf
relationship. This implies that none of the explanatory variables has
significant impact on returns to equity. The overall result which is R- Copyright © 2022 by author (s) and
Square reported that the value of 0.0045 and adjusted R-value of - International Journal of Trend in
.09315 which indicated the explanatory variables are insignificant to Scientific Research
explained the dependent variable. The R-Square value is extremely and Development
low indicating that the explanatory variables are not good fit Journal. This is an
measures for return on equity. This result too corroborates the Open Access article
random effect result that the variables of human resources are not distributed under the terms of the
Creative Commons Attribution License
significantly impacting the return on equity as a measure of Nigerian (CC BY 4.0)
banks’ shareholder ‘wealth. Based on the results of this study, (http://creativecommons.org/licenses/by/4.0)
therefore, the study concludes that almost all the regressors are
capable of improving the human assets except pension of the staff.
KEYWORDS: Human Resources Accounting, Return to Equity,
Banking Industry and Panel Data Analysis
INTRODUCTION
Human resources accounting is a new branch of year it is incurred. The traditional practice where
accounting that deals with the activity of knowing the investments on human resources are treated as
costs invested on employees towards their expenses has created an informational gap between
recruitment, training, salaries & other benefits paid the management and investors and other stakeholders
and in return knowing their contribution to like analysts that need such information for decision
organisation towards it’s profitability (Enofe, making and analysis of performance. Human resource
Mgbane, Otuya and Ovie, 2013). According to the accounting has been of a great help to the
American Accounting Association Human Resource organizations to realize that human involvement in
Accounting is described as the process of identifying the organisation is not wasted and brings high returns
and measuring data about human resources and to the organisation. Organizations derive their
communicating this information to interested parties. revenue from all the four factors (land, labour, capital
The importance of human resources as a great asset and entrepreneur). All assets are presented as
has not been paid attention to in traditional capitalized values except labour that is treated as an
accounting system where all the investments in expense from the operating revenue of a given period
human resources are written off as expenses in the (Abubakar, 2009).

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
The early development of human resources
accounting (HRA) occurred mostly in the United
States. Interest and contributions to the growth in the
field have led to the development in accounting for
intangible assets in the financial reporting by
International Accounting Standard Boards (IASB) as
evident in the International Accounting Standards
(IAS) 38 – intangible assets. International Financial
Reporting Standards (IFRS) 3 on business
combination also gave room for the recognition of
intangible assets (goodwill). This is an indication that
non-physical assets will be valued in financial
statements of organisations (Akintoye, 2005). The
importance of human resources in an organization can
not be over emphasized. For instance, two different
firms with the same physical assets as well operating
on the same level of efficiency may have different
returns owing to difference in human assets. Thus, if
value of human resources is underestimated,
assessment of total value of a firm and inter-firm
comparison becomes difficult. Human resources
monitor the development and progress in assets and
revenue of the company. Therefore, assessing the
corporate financial performance may not be
conclusive without considering the value of human
assets. In order to measure the effectiveness of a firm,
the normal method is to examine financial statements.
These statements include statement of financial
position in which physical assets such as cash,
receivables, inventory, investment property, and
plants and machinery are recorded with exclusion of
human assets (Okpala&Chidi, 2012). Despite the
immense importance of human resources accounting
towards the financial performance of any
organisation, accounting for human resource is yet to
gain momentum in the banking industry in Nigeria
and other part of the world.
One of the important objectives of carrying out
business is the maximization of shareholders wealth.
This is the present value of the expected future
returns of the owners of the firm. The financial
performance of a firm affects the shareholders’
wealth indicators like return on equity, earnings per
share and share price are good measure of
shareholders wealth.
In literature, there are conflicts of interest in their
findings on the relationship between human resource
accounting and the return on equity. This relationship
between human resources accounting and return on
equity has not been settled because of the conflicting
results reported by researchers based on the finding of
their research works on the relationship between
human resources accounting and return on equity.
Michah, Ofurum and Ihendinihu (2012), and Zarei,
@ IJTSRD | Unique Paper ID – IJTSRD49456 | Volume – 6 | Issue – 2 | Jan-Feb 2022
Shamaszaheh and Zarei (2015), reported that there
exist of positive relationship between return on equity
and human resources. Elena (2014), and Ismail, Yabai
and Hahm (2014) while Ruparelia and Njuguma
(2016); and Krauter (2012) ascertained that there is
no relationship between human resources accounting
and return on equity.
Another missing link in the literature is that virtually
all the studies reviewed in the literature
employed descriptive analysis, simple regression
analysis like Ordinary Least Square (OLS) and some
correlation analysis, only few studies utilized panel
data analysis to explore the impact of human
resources accounting on financial performance of
Nigerian banks. On this back ground, this study
intends to fill these gaps.
The main objective of the study is to access the effect
of human resources accounting on shareholders’
wealth of deposit money banks in Nigeria.
Specifically, the study shall look at the effect of
pension cost, Training cost, Directors Remuneration,
Salaries and wages on firm performance which is
proxy by Return on Equity.
Conceptual Review
Human Resources Accounting
Human resource is the sum of all components such as
skill, creative abilities innovative thinking, including
imagination, knowledge and experience possessed by
all the people in an organisation Human resources are
so important that it cannot be ignored. An evaluation
of human resources will include the assessment of the
following factors: numbers of staff by status,
experience, functions, qualifications and
remunerations (Bontis and Cabrita,2008). The
efficient and effective utilization of human resources
depend largely on the quality, skill, perception,
caliber and characters of the people (Bontis and
Cabrita, 2008).Human resources are the active factor
of production while physical and financial resources
are the passive factors. Manager is the most important
component of an organization and his proper
development is vital to the success of organizations
productive effort. Survival and growth of an
organization depends on the manner in which
employees are recruited, developed and utilized.
Human resources decide how and when to use other
physical assets like computers machinery and capital
of the organization. Human resources are the most
valuable asset of an organization, and management
agrees that effectiveness and efficiency of their
organization will increase if they discover how to tap
the unrealized potential present in their human
resources as the most valuable assets and reflected in
the statement of financial position, if human assets
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will be reflected in the financial statement it must be Theoretical Review
valued. Valuation of human assets is a big problem This study is anchored on the Resources – Based
because there is no single accounting standard for view (RBV) theory by Selznick (1957). The theory
valuation of human resources. focuses on the quality of the human resource
available to the organization and their ability to learn
According to Flamholtz (1971), human resources
and adapt more quickly than their competitors. These
accounting was defined as the measurement of the
resources include the human resources such as the
costs and value of people for the organization. Human
training, experience, judgments, intelligence,
resources accounting means accounting for people as
relationships and insights of individual managers and
organizational resources. It means the measurement
workers in an organization. The RBV suggests that
of the cost and value of the people to organization.
firms should look internally to their resources, both
American Accounting Association (1973) defines
physical and intellectual, for sources of competitive
“human resources accounting (HRA) as the process
advantage. The central tenets of RBV as suggested by
of identifying and measuring data about human
Newbert (2008), was that resources which are
resources and communicating this information to
valuable, rare, inimitable, and non-substitutable will
interested parties”. Gupta (1991) described HRA as
lead to competitive advantage.Similarly, Odhong,
an information system that explains what changes that
Were &Omolo (2014), believed that organisations
occurred over a period of time to the human resources
long-term competitive advantages can be secured via
of the business. Jasrona (2004), defined HRA as a
the development of knowledge and skills of
measurement and reporting of the cosst and value of
employees and the firm's reputation. The theory sees
people as organizational resources. The definition
human capital as a resources that cannot be
recognizes employees more than any other tangible
substituted or imitated which gives a firm a long-term
asset because of their knowledge and intellectual
competitive advantage over others. The Resources-
capabilities. Seth (2009) defined Human Resource
Based theory suggested that the possession of
Accounting (HRA) as accounting for people as
competent human resources gives an organisation a
original resources. He further stated that, it is the
golden opportunity to develop a competitive
measurement of cost and value of people for an
advantage over its rivals. This theory is in tandem
organization. It is also a way of thinking about the
with our study as rightly put by Amber (2016) who
management of people in formal organization. He
posited that a firm with high quality human resources
concluded that knowledge of workers are important
will have competitive advantage and superior long-
resources for business organizations and that with the
term performance over its competitors. The RBV
growing complexities of business organizations the
theory confirms that for an organisation to attain the
need for competent people continue to increase while
competitive advantages over its rivals, it must have
financial reporting ignores such resources.
valuable resources and capabilities which are not
Return on Equity (ROE) common, thus cannot be easily replaced or imitated.
Return on equity is a financial ratio that refers to how A resources is valuable to the extent that it assists an
much profit a company earned or generated compared organisation to mount strategies that capitalise on
to the total amount of shareholder equity invested or opportunities and ward off threats
found on the statement of financial position. ROE is
what the shareholders look in return for their Empirical literature
Krauter (2012) studied the relation between executive
investment. A business that has a high return on
remuneration and corporate performance in a sample
equity is more likely to be one that is capable of
of 79 companies from different sectors in Brazil. The
generating more cash internally. Thus, the higher the
independent variables used are the monthly wage,
ROE the better the company is in terms of profit
variable wage, benefits, career index and
earning. It is further explained by Khrawish (2011),
development index. The financial performance was
that ROE is the ratio of Net Income after Taxes
measured by means of the financial indicators – sales
divided by Total Equity Capital. It represents the rate
growth, ROE and ROA. The results of the multiple
of return earned on the funds invested in the firm by
linear regression analysis did not provide proof of the
its stockholders. ROE reflects how effectively the
existence of a positive and significant relation
management is using shareholders’ funds. Thus, it
between executive remuneration and corporate
can be deduced from the above statement that the
performance.
better the ROE the more effective the management in
utilizing the shareholders capital.

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Micah, Ofurum and Ihendinihu (2012) studied the
relationship between firms’ financial performance
and human resources accounting disclosure in
Nigeria. Descriptive, correlation and regression
statistical techniques were used in analysing the data.
The finding revealed that there is a positive
Correlation between Return on Equity (ROE) and
Human Resources Accounting Disclosure
(HRAD).Elena (2014) examined human resources
effectiveness in the Russian banking industry. The
sample of the study was made up of one hundred and
ninety-seven banks both local and international
operated in Russia. Secondary data obtained from the
financial statement of the banks published by central
bank of the Russia federation were used. Several
indicators were calculated, including investment on
human capital, return on assets, return on equity and
productivity. Pearson correlation was employed to
explain the relationship among the variables. The
study revealed that there is significant positive
relationship investment on human capital and
performance indicator, including ROA, ROE and
productivity. Enofe, Mgbane, Otuya and Ovie (2013)
investigated the relationship between firms’ financial
performance and human resources accounting
disclosures on; and the differences in human
resources accounting disclosures reporting level
between financial sector and non-financial sector
companies quoted in the Nigerian Stock exchange.
The study used secondary data from published
financial reports of selected firms. The sample size
consisted of fifty (50) listed firms randomly drawn
from all sectors in Nigeria. Multiple Regressions was
used to analyze the possible relationship between firm
financial performance and Human resource
Accounting Disclosure in Nigeria. The study showed
that a positive relationship exists between the
financial performance of a company and its level of
Human Resource Accounting Disclosure. Edom, Inah
& Adanma (2015) examined the impact of human
resource accounting on the profitability of Access
Bank of Nigeria plc. Secondary data from the
financial statement was used for period of 2003 to
2013. Ordinary least square analytical technique was
employed to analyse the data. Findings revealed that
there is a positive relationship between the indicators
of human resource cost (training cost, development
cost and number of staff) and the profit of the
organization (return on equity). Eejiofor, Nwakoby
and Okoye (2015) investigated the impact of human
resource management on corporate performance. The
data was examined on a five-point Liker's scale in this
study, which used a survey research approach. Simple
regression analysis was used to check the hypotheses.
Human Resource Management has an impact on the
@ IJTSRD | Unique Paper ID – IJTSRD49456 | Volume – 6 | Issue – 2 | Jan-Feb 2022
performance of a corporate organization, according to
the findings of this study's investigation. This has to
do with motivational training and development, as
well as a strong planning system. Zarei, Shamszadeh
and Zarei (2015) investigated effect of intellectual
capital on financial performance of Banks listed in
Tehran Stock Exchange. The study measured
financial performance by return on equity (ROE),
return on assets (ROA), asset turnover (ATO), and
book to market ratio. Fourteen (14) banks were
covered over the period 2004 – 2013 and used value
added intellectual capital (VAIC) method as
quantifiable measure to evaluate intellectual capital
and its components. Regression analysis was used to
analyse the data. The results of the study show that
structural capital and human capital efficiency have
positive and significant effects on banks financial
performance. Ezejiofor, John- Akamelu and iyidiobi
(2017) examined the relationship between human
resources accounting and profitability of corporate
organization”. The study used increase in staff salary,
increment in staff and staff retirement benefits as the
proxies of human resources. Specifically, the study
sought; to determine the extent at which increase in
staff salary has affected organizational profitability;
to ascertain if the increment in staff has contributed
positively on organizational profitability and to
evaluate the extent at which staff retirement benefits
has effect on organizational profitability. Exploratory
research design and time series data were adopted for
the study. Data for the study were collected from
selected ten (10) commercial banks in Nigeria. Data
collected were analyzed and tested with t-test
statistical tool with aid of SPSS version 20.0 version.
The study revealed that increase in staff salary has
positive effect on organizational profitability, also
that the level of increment in staff has influence on
organizational profitability. Another finding is that
staff retirement benefits have positive effect on
organizational profitability. The study recommends
among other things that the relevant authorities
should look into coming up with a financial reporting
standard on human resource activities.
Amahalu, Agbionu and Chinyere (2017) examined
the effect of human resource accounting on
profitability on selected quoted Telecommunication
Firms in Nigeria from (2010-2015). Ex-post facto
research design and ordinary least square analytical
technique were employed in the study; secondary data
from eight selected telecommunication firms were
obtained from 2010-2015. The finding of the study
revealed that human resource accounting has a
positive significant effect on return on asset, return on
equity and return on capital employed at 5%
significant level. The recommendations are:
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telecommunication firms therefore should imbibe the The study ex – post factor research design and
culture of training and development of employees to regression analysis. The study used staff cost, director
ensure sustainability of its competitive advantage and remuneration, number of staff and firm size as proxy
the international financial reporting committee for financial performance. The result confirms that
(IFRC) should incorporate an accounting standard for there is a significant relationship between staff cost,
the valuation and disclosure of human capital values staff strength, firm size and financial performance.
in the financial reports. Onyinyechi and Iheninihu
Methodology
(2017) investigated human resource accounting and
This study adopted the work of Enofe, Mgbane,
financial performance of firms in Nigerian. multiple
Otuya&Ovie (2013). This study specifies its model as
regression analysis was employed to analyse the data.
follows;
The result revealed that human resources accounting
FPit = F (PC, TC, DR, SW)
has significant and positive impact on the profit after
tax, while there is a negative impact on the Net Asset. Explicitly, the model is specifically re-expressed as
The research therefore, concludes that human follows:
resources contribution to the financial growth of FPit = β0 + β1PCit + β2TCit + β 3DRit + β4SWit +Uit
firms. Firms are therefore encouraged to have the ………………… 3.1
culture of training, developing and motivating the Where:
personnel. Ofurum and Adeola (2018) examined the FPit= dependent variable is shareholders wealth used
relationship between human resource accounting and Return on Equity (ROE) as proxy
profitability of quoted firms in Nigeria. The study
PC = Pension costs for the banks in year t
used secondary data from audited financial reports of
nine service firms quoted on the Nigerian stock TC = Training cost for the banks in year t
exchange from 2011 – 2015. Ordinary Least Square DR = Directors’ remuneration for the banks in year t
(OLS) and Pearson product of moment correlation SW = Salaries and wages for the banks in year t
coefficient were employed to analyse the data. The β0= Intercept
finding revealed that there is no significant
relationship between human resources accounting and β1 – β4= Parameters/coefficients
profitability. Oko (2018) studied human assets Uit= Stochastic error terms
accounting and its impact on the financial t = time period.
performance and financial position of firms in i = Cross sectional units
Nigeria. Survey research design was adopted. Data
were collected by distributing questionnaire designed This study made use of panel data analysis. Hausman
on four steps Likert scale. Simple regression analysis test was conducted as post estimation test to select
was used to test the hypotheses of the study. The random effect as the best estimator to assess the
result of the study showed that there is a significant impact of human resources accounting on financial
relationship between human asset accounting performance of Nigerian banks. Time series data,
measurement and profitability and also a positive spanning from 2006 to 2017 was obtained from
relationship exists between human assets accounting annual reports of the sixteen Deposit Money Bank
measurement and corporate financial position. Inua & listed on the Nigerian stock exchange and journals
Oziegbe (2018) studied the effect of human resource from related fields. See appendix 1 below.
accounting on performance of quoted banks in Test of hypothesis
Nigeria. The study used annual reports of 18 quoted Human resources accounting has no significant effect
commercial banks from 2009 – 2017 financial years. on performance of deposit money banks in Nigeria
Result of Panel Unit Root Test
Table 1: Levin-Lin- chu (LLC) and Impesaran and shin (IPS) unit root test
Variables Levin – Lin – Chu (LLC) Impesaran& Shin (IPS)
ROE -6.0730 0.0000** I(1) -4.8793 0.0000** I(1)
SAL -2.3672 0.0092** I(1) -1.7598 0.0065** 1(1)
RENMR -3.7747 0.0001** I(1) -2.1464 0.0000** I(1)
TRAIN -0.2911 0.3855** I(2) -1.7997 0,0834** I(2)
PENSION -6.8265 0.0000** I(1) -1.9899 0.0001** I(1)
Source: Author’s computation (2019)
In table 1, the result revealed that all the series are integrated of different orders. Majority of the variables such
as return onequity (ROE), salary of staff (SALARY), PENSION and Director’s remuneration (RENMR) are

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stationary at first difference while variables like training of the staff (TRAIN) are made stationaryat second
difference. In view of the above result, condition for panel cointegration is not met. Therefore, there is need to
proceed to fixed effect and random effect panel model.
Panel Data Analysis
To analyse the impact of human resources accounting on financial performance of money deposit in the banks,
the study employs static panel data analysis of a single model of the financial performance indicator proxied by
ROE as dependent variable while SALARY, RENMR, TRAIN and PENSION are the explanatory variables that
determine the quality of human resources accounting. In a bid to arrive at the most consistent and efficient
estimates, the study conducts unrestricted panel data analysis which includes fixed effect and random effect
panel estimates, followed by post estimation test such as Hausman test. Hence, result of the estimation is
presented in separate table for unique analysis, before drawing conclusion on the most consistent and efficient
estimator.
Table 2: Fixed Effect parameter Estimate (Cross Sectional Specified)
Series: ROE, PENS, RENMR, SALARY & TRAIN
Variable Coefficient Standard Error T – test value Probability
C 6.8294 4.3668 1.5639 0.1197
PENSION -0.00076 0.00084 -0.90419 0.3672
RENMR 0.000773 0.00188 0.41074 0.6818
SALARY -0.000036 0.000145 -0.24918 0.8035
TRAIN 0.000631 0.00188 0.33566 0.7375
Source: Author’s computation (2019)
R2 = 0.1367
Adjusted R2 = 0.0414
F – Statistics = 1.4345
Prob (F – statistics) = 0.11623
The results in Table 4.2 revealed that none of the explanatory variables has significant impact on return to equity
though remuneration (RENMR) and train are positive with very low coefficient of 0, 00076 and 0,00063
respectively while pension and salary have negative association with return to equity (ROE). This indicates that
these variables are not in favour of human resources to improve the financial performance of the selected banks.
The reported R- Square of value of 0.0414 which is almost 4% of the systematic variation of the return to equity
of the firms can be jointly explained by the independent variables. The R-Square value is low indicating that the
explanatory variables are not good fit measures for return to equity. This overall result also corroborates the
panel data result that the explanatory variables are not encouraging in boosting human resources to improve the
financial performance of the selected banks.
Table 3: Random Effect parameter Estimate
Series: ROE, PENS, RENMR, SALARY & TRAIN
Variable Coefficient Standard Error T – test value Probability
C 4.6918 4.7052 0.99715 0.3200
PENSION -0.000536 0.000781 -0.68697 0.4929
RENMR 0.0000212 0.001794 0.01180 0.9906
SALARY 0.00005 0.000125 0.4716 0.6577
TRAIN 0.000779 0.001782 0.43711 0.6625
Source: Author’s computation (2019)
R2 = 0.0045
Adjusted R2 = -0.01678
F – Statistics = 0.2119
Prob (F – statistics) = 0.9315
The result in Table 4.3 is almost the same with the fixed effect of return to equity. The results confirm that none
of the explanatory variables has significant impact on return to equity and also remuneration (RENMR) and train

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are positive with very low coefficient of 0, 00021 and 0, 00078 respectively while pension has negative
relationship with return to equity (ROE). The surprising result there is that salary too has positive relationship
with ROE. The reported R- Square of value of 0.045 and adjustedR2of -0.01678 which means that the
explanatory variables are insignificant. The p-value of 0.9315 which is greater than 0.05 indicated that human
resources accounting is not significant in determining shareholders ‘wealth (ROE) in Nigerian Deposit Money
Banks.
Table 4: Hausman Test
Null Hypothesis Chi – Square Statistics Probability
Difference in coefficient not systematic 2.9268 0.5701
Source: Author’s computation (2019)
Since the probability value of the Hausman test is more than 0.05 or 5% level of significance, the null hypothesis
is not rejected. Therefore, the random effect is the most appropriate model.
Conclusion and Recommendation Accounting on profitability of selected Quoted
The random effect result shows that all the variables Telecommunication Firms in Nigeria.
have insignificant positive relationship with return to Contemporary issues in Business Management:
equity except pension that has insignificant negative A multidisciplinary Approach,5(8),56-74.
relationship. This implies that none of the explanatory [4] Amber, D. (2016). Business 306: Strategic
variables has significant impact on returns to equity. Human Resources Management Study. [Online]
The overall result which is R- Square reported that
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the value of 0.0045 and adjusted R-Square value of - capital-theory-characteristics-investment.html
01678 indicated that the explanatory variables are
insignificant. The R-Square value is extremely low [5] American Accounting Association (1973).
indicating that the explanatory variables are not good Report of the committee in HRA. Accounting
fit measures for return to equity. This result too Review.18 (1).
corroborates the random effect result that the [6] Bonfis, N., &Cabrita, M., (2008). “Intellectual
variables of human resources are not significantly Portuguese banking industry international
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Based on the results of this study, therefore, the study [7] Edom, G.O., Inah, E.U., & Adanma, E.S.
conclude that almost all the regressors are capable of (2015). The Impact of human resource
improving the human assets except pension of the accounting on the profitability of firm.
staff. However, these investment components of European Journal of Accounting, Auditing and
human resources are insignificant to impact return on Finance Research, 3(7), 12 – 19
equity which indicated that they failed to boost
shareholders ‘wealth of the Nigerian banks asper [8] Elena, P. (2014). Human resources
return to equity. In line with the findings, the study effectiveness in Russian banking industry.
recommends that banks should improve on the Human & Social Sciences Journal, 9(1); 11 –
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wages and salaries, regular and continuous training [9] Enofe, A.O, Mgbane C, Otuya S., &Ovie, L.
development and enhanced remuneration for the (2013). Human resources accounting disclosure
directors to motivate them for excellent performance. in Nigeria quoted firms. Research journal of
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